Over the past few decades, the business paradigm has evolved tremendously, but unfortunately, so has the nature of threats faced by the businesses. Cyberattack is one of the major threats that loom large over businesses, with each attack incurring millions in damages to organizations. According to an Accenture report, the total cost of cybercrime for each company increased by 12 percent – from US$11.7M (approx €9.9M) in 2017 to US$13M (approx €11M) in 2018. Between 2013 and 2018, the average cost increased by 72 percent, and the average number of security breaches increased by 67 percent.
There has also been a surge in cyberattacks due to the COVID-19 pandemic, and businesses feel the need to protect their valuable data, now more than ever. This is where companies like BioCatch come into play; offering a more secure solution for safeguarding data.